No it does not. You need 1st a P67, Z68, P75 or P77 board to overclock.http://en.wikipedia.org/wiki/LGA_1155
You need second either a multiplier unlocked "K" model chip or an i5 or i7 non "K" that can be overclocked 4 bins over stock ( roughly 400Mhz ). To get the limited overclock of the i7 and i5 non "K" CPUs you still need one of the above boards.
i3 and Pentium G chips do not have the limited unlocking described above.
The only overclocking you can do is with the BCLK and that is a VERY bad idea with a Sandy or Ivy Bridge CPU. It overclocks the entire system including things not designed to be overclocked.